The immediate credit market response to a wave of new economic data is as-was, lowest-fee mortgages 6.5 percent, 10-year T-note just under 4 percent. However, last week marked very significant change: Economic decline here and in Europe is now beyond argument, and the decline is fighting inflation for the Fed and the European Central Bank, neither of which needs to raise its rate further. Evidence: The twin surveys by supply managers ("ISM") in late June showed manufacturing at break-even (50.2), and a surprising slide in the service sector (to 48.2 from 51.7). Friday's much-anticipated payroll report had a loss of 59,000 jobs in June, and about that many lost in revisions of prior months. The ominous number, new claims for unemployment insurance, broke upward to 404,00...
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